Eramet, a French multinational mining and metallurgy company, announced its plan to invest around EUR 1.9 billion for the period from 2024 to 2026, to increase lithium production capacity in Argentina and double nickel production in Indonesia.

The mining company planned to raise production of the Weda Bay nickel project, the largest nickel mine in the world, to 60 million wet metric tons in 2026 from the 30 million wet metric tons expected this year.

Besides, it also wanted to increase output at its manganese mine in Gabon and it has acquired a 120,000-hectare lithium concession in the Atacama region in Chile for an initial US$95 million.

Eramet said that due to the continuously growing consumption of stainless steel and strong growth in demand for battery-used nickel, nickel demand was expected to increase by 8% annually by 2026, and the lithium market demand will grow as well.